3 reasons why landlords should be using PropTech
Do you find your role as landlord tedious and inconvenient? If this is the case, then you are one of the few that hasn’t embraced the latest PropTech (property technology) craze. Landlords who are using PropTech have experienced a complete change, and actually have a lot more time on their hands to do things they love, or boost their property portfolio.
If you’re not convinced PropTech is for you, take a look at the following benefits, which will completely change your experience as a landlord.
Effective property marketing
As a landlord, one of the important parts of your role is to advertise your property to generate tenant interest and start reaping the financial benefits of rental income. The majority of letting agents now use the power of the internet and social media to share images and videos of properties , which can reach much wider audiences than previously possible.
Professionals in the real estate industry, such as RW Invest, utilise virtual reality (VR) to showcase their off-plan developments. As these properties are still under construction, investors do not get the benefit of a viewing. Therefore, VR is used as an effective tool to preview the property they plan to invest in, through the use of realistic-looking CGI imagery. This offers investors complete reassurance, making them more likely to purchase the property.
Increase tenant interest
Landlords who utilise technology are more likely to entice tenants, as it helps to improve the relationship and communication between the two parties. This is enabled by various PropTech apps such as Badi, which offers a matching service for tenants and landlords, Making the search much easier for landlords who are hoping to match a specific market.
If you plan to target young professionals or students, using property apps is the best method for achieving what you want, especially in the 21st century where people prefer to order online than talk on the phone. So, instead of adopting the traditional method of viewing a property or filing a complaint in person, you can always introduce to your tenant to specific applications which will make theirs and your lives much more straightforward.
Track your finances
One of the hardest things landlords need to keep up with is their finances, which may be a lot harder for those who do not have a financial background. For this reason, many people employ an accountant to help them out. However, with the introduction of PropTech, you can now collate your finances efficiently with the use of apps like Mobile Landlord, which enables you to check your ingoings and outgoings. This will help you understand whether your investment is matching up with your projected returns, while also assisting you with your calendar and reminders.
Other applications include Landlord studio, which can help you monitor rent collection, including outstanding payments, as well as cash flow and your bills, which is all collated into monthly reports. This will help you keep track of your finances as well as your progress, as you can compare each month to the next to ensure your profits are increasing not declining.
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